Product life cycle (PLC) is the course of a product that product’s sales and profits over its lifetime. It involves five distinct stages; such as-
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- Market description
Market description– describes the targeted segments in detail and provides context for the marketing strategies and detailed action programs.
- Production concept
The production concept is the idea that consumers will favor products that are available and highly affordable.
- Need recognition
The first stage of the buyer decision process, in which the consumer recognizes a problem or need.
- Cash-and-carry wholesalers
Cash-and-carry wholesalers refer to the wholesalers who carry a limited line of fast-moving goods and sell to small retailers for cash. Normally do not deliver.
- Service perishability
Service perishability means that services cannot be stored for later sale or use
- General need description
General need description is the stage in the business buying process in which a buyer describes the general characteristics and quantity of a needed item.
- Demographic segmentation
Demographic segmentation divides the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation...